Form No. 1 Basic Or Standard Homeowners Insurance
Updated: 27 July 2023
What Does Form No. 1 Basic Or Standard Homeowners Insurance Mean?
Form No. 1 (HO-1) refers to the most basic homeowners insurance policy. It covers damage to the house and property inside from 10 named perils. Most states no longer offer this type of insurance due to its limited coverage.
Insuranceopedia Explains Form No. 1 Basic Or Standard Homeowners Insurance
HO-1 provides coverage against the follow 10 perils:
- Fire and lightning
- Explosion
- Smoke
- Windstorms and hail
- Volcanic eruptions
- Riots and civil commotion
- Vandalism and malicious mischief
- Vehicles, unless the insured causes it
- Aircraft
- Theft, usually limited to only $1,000
Related Definitions
Related Terms
Related Articles
Related Reading
What Students Need to Know About Insurance Coverage During Internships
A Roadmap for Students Interested in the Insurance Industry
Strong Identity Verification in the Insurance Sector
How to Avoid Online Insurance Scams
How to Get Into the Insurance Industry With a Finance Degree
The Role of Insurance in Protecting Educational Investments